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Glance Technologies (CSE:GET) has received an equity stake in Loop Cannabis Insights

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Loop Cannabis Insights, formerly known as Cannabis Big Data Holdings, (as previously announced on January 4, 2018). Glance received these shares, with a deemed value of $1 million, as partial payment for the sub-license of Glance’s mobile payment app technology.

Additional Information:

Company: Glance Technologies
Website: http://www.glance.tech
Stock Symbol: CSE: GET
Date Published: Feb 20, 2018
Transcript: Available

Video Transcript:

I’m Megan Edwards for InvestmentPitch media

Glance Technologies has received an equity stake in Loop Cannabis Insights, formerly known as Cannabis Big Data Holdings, as previously announced on January 4, 2018.

Glance received these shares, with a deemed value of $1 million, as partial payment for the sub-license of Glance’s mobile payment app technology.

In conjunction with the closing, Glance partially owned subsidiary, Cannapay Financial, also received 11.2 million shares in Loop Cannabis for licensing and product distribution rights.

Cannapay and Glance respectively own 32% and 11% equity stakes in Loop Cannabis.

Concurrent to this transaction, Loop Cannabis has also closed $1,220,000 in financing from various investors through a private placement of common shares valued at $0.25.

Penny Green, President and COO, Glance Technologies, stated: “Loop Cannabis Insights intends to be a global leader in providing consumer insights to the cannabis Industry. Through Glance we have assembled a leading technology and marketing team that will make Loop best-in-class for its product offering, with an eye toward being first to market.”

Loop Cannabis intends to offer licensed cannabis producers, retailers and manufacturers insights into customer behaviour and intends to use cutting-edge artificial intelligence and machine learning algorithms to process transactional purchase data.

With the sublicense from Glance, Loop Cannabis has the potential to receive a variety of revenue streams, including from mobile payment services, rewards, targeted mobile advertisements and offers.

Loop Cannabis plans to use several key data points to enable real-time actionable strategies for merchants, making it well poised to take advantage of the substantial opportunities in both the cannabis and big data spaces.

Worldwide revenues for big data and business analytics were projected to surpass $150 billion in 2017 on year-over-year growth of more than 12 per cent, according to International Data Corporation.

The Canadian cannabis industry, meanwhile, saw an estimated CAD$5.7 billion in spending in 2017.

Glance has also signed a contract to supply its mobile payment solution, “Glance Pay” to Blue Star Motors, an auto dealership and services firm.

Rob Libera, Blue Star Auto owner, stated: “Providing a leading tech solution for our customers gives Blue Star Motors the ability to process payments wherever our customer is, with the added benefit of a loyalty and rewards program. Offering Glance Pay as a payment option helps Blue Star Motors maintain our flexible and competitive advantage. I strongly support the technology and the benefits Glance Pay provides.”

Desmond Griffin, Glance CEO, added: “As we continue to target our growth strategy on the North American marketplace, we are excited to have Blue Star Motors be our first partner in the sizable automotive industry. We believe there are a number of opportunities to streamline the payment experience in the car dealership space. For example, paying for car service, maintenance, and detailing has traditionally been a slow process and has generally lacked loyalty components. We also believe there are opportunities to remotely pay for services in this space, potentially enabling your car to be returned to you when ready. We continue to believe that many industries want a way to offer a better payment experience while building loyalty.”

The global automotive repair and maintenance services market was estimated to reach a market valuation of US$ 441.3 billion by the end of 2016 according to Future Market Insights.

The shares are trading at $1.03

For more information please visit the company’s website www.glance.tech or contact Christina Rao, Vice President, Investor Relations, at 604-723-7480 or email investors@glancepay.com

I’m Megan Edwards for InvestmentPitch media